Citigroup top U.S. market high-yield underwriter year to date

• U.S. market high-yield issuance totals $94.64 billion year to date

• JPMorgan top global high-yield underwriter year to date

• Global high-yield issuance totals $108.81 billion year to date

• Credit Suisse top European high-yield underwriter year to date

• European high-yield issuance totals $22.27 billion year to date

New York, Sept. 29 - Citigroup held on to its number one position among underwriters of high-yield bonds - but only just, according to data compiled by Prospect News.

The firm ranked first for the year through September with $14.989 billion of junk bonds brought to market - just $20 million ahead of JPMorgan Securities in second place with $14.969 billion.

Citi had moved up to the top spot in August, largely thanks to its role as sole bookrunner of the $1.65 billion sale for Fortescue Metals Group via FMG Finance Pty. Ltd.

That rise pushed JPMorgan Securities into second place, with a margin of $1.07 billion.

JPMorgan's strong performance in September was as much as anything due to its role as bookrunner or joint bookrunner on 13 deals for $2.12 billion. By comparison, Banc of America Securities in second place for the month handled $1.17 billion in eight deals.

Before Citigroup's rise in August, JPMorgan had been on top for two months after dislodging Citigroup in June.

The top two firms continue to account for nearly one third of the total market - 31.7%. Third placed Credit Suisse ranks with $8.37 billion of bonds so far this year.

Issuance for the month slipped back a little to $9.82 billion from $10.98 billion and was a little below the monthly average of $10.60 billion for the first eight months of the year.

It was also notably below the $11.47 billion for September 2005.

Nonetheless, 2006 continues to outpace 2005 with $94.64 billion year to date, 21% ahead of the $78.46 billion at the same stage a year earlier.

JPMorgan also jumped to the number one position among underwriters of U.S. market junk deals from issuers based in industrialized countries - i.e. excluding emerging markets - and for the global high-yield market.

Credit Suisse, meanwhile, was number one in Europe year to date for a fourth month.

Global new deals now total $108.81 billion for the year so far compared to $83.55 billion for the same period of 2005. European issuance is $22.27 billion versus $16.13 billion.

The U.S. market figures cover dollar-denominated high-yield deals issued in the United States as registered offerings or under Rule 144A and include all issuers, regardless of their home country.

Year to date, U.S. market, all issuers

2005 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	14.989	72	15.84%	2	9.962	70	12.70%
2	JPMorgan	14.969	87	15.82%	3	9.585	66	12.22%
3	Credit Suisse	8.370	58	8.84%	4	8.457	57	10.78%
4	Deutsche Bank	7.898	55	8.35%	5	6.958	49	8.87%
5	Banc of America	7.878	61	8.32%	1	10.207	79	13.01%
6	Merrill Lynch	6.974	38	7.37%	6	6.334	36	8.07%
7	Lehman	5.804	44	6.13%	7	4.706	39	6.00%
8	Morgan Stanley	5.284	23	5.58%	10	4.117	24	5.25%
9	Goldman Sachs	4.593	29	4.85%	8	4.683	32	5.97%
10	UBS	4.464	28	4.72%	9	4.197	36	5.35%
	Total	94.637	274	78.461	305
	Average size:	0.345	0.257
Year to date, U.S. market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	13.962	79	16.22%	3	8.108	60	12.05%
2	Citigroup	13.151	61	15.28%	2	8.334	59	12.38%
3	Banc of America	7.878	61	9.15%	1	10.207	79	15.17%
4	Credit Suisse	7.697	53	8.94%	4	6.606	46	9.82%
5	Deutsche Bank	7.502	52	8.72%	5	6.486	44	9.64%
6	Merrill Lynch	6.527	35	7.58%	7	4.637	29	6.89%
7	Lehman	5.679	43	6.60%	6	4.706	39	6.99%
8	Morgan Stanley	4.659	18	5.41%	11	2.912	20	4.33%
9	Goldman Sachs	4.268	27	4.96%	8	4.600	31	6.84%
10	UBS	3.915	25	4.55%	9	3.576	32	5.31%
	Total	86.058	236	67.301	265
	Average size:	0.365	0.254
Year to date, global market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	16.300	91	14.98%	2	10.130	71	12.12%
2	Citigroup	15.990	74	14.70%	3	9.938	70	11.89%
3	Credit Suisse	11.227	65	10.32%	5	9.035	57	10.81%
4	Deutsche Bank	10.760	71	9.89%	4	9.793	60	11.72%
5	Banc of America	8.041	63	7.39%	1	10.439	81	12.49%
6	Merrill Lynch	7.526	38	6.92%	7	5.329	33	6.38%
7	Goldman Sachs	6.640	34	6.10%	6	5.808	37	6.95%
8	Morgan Stanley	6.177	23	5.68%	10	3.350	23	4.01%
9	Lehman	5.816	46	5.34%	8	5.232	44	6.26%
10	UBS	4.016	27	3.69%	9	3.903	33	4.67%
	Total	108.810	286	83.553	311
	Average size:	0.380	0.269
Year to date, European currencies, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	3.530	12	15.85%	2	2.429	11	15.06%
2	Deutsche Bank	3.259	19	14.63%	1	3.307	16	20.50%
3	Citigroup	2.839	13	12.74%	4	1.541	10	9.56%
4	Goldman Sachs	2.373	7	10.65%	5	1.208	6	7.49%
5	JPMorgan	2.338	12	10.50%	3	2.022	11	12.54%
6	Barclays	1.860	7	8.35%	18	0.168	1	1.04%
7	Morgan Stanley	1.518	5	6.81%	10	0.438	3	2.72%
8	Merrill Lynch	1.000	3	4.49%	8	0.692	4	4.29%
9	Calyon	0.732	5	3.29%
10	RBS	0.669	5	3.00%	13	0.271	2	1.68%
	Total	22.274	49	16.127	45
	Average size:	0.455	0.358
Q3, U.S. market, all issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	3.917	19	15.22%	3	3.824	26	14.45%
2	JPMorgan	3.557	23	13.83%	1	3.947	29	14.92%
3	Deutsche Bank	2.380	16	9.25%	6	1.997	17	7.55%
4	Merrill Lynch	1.879	10	7.30%	4	2.513	13	9.50%
5	Credit Suisse	1.864	15	7.24%	8	1.604	14	6.06%
6	Lehman	1.588	15	6.17%	7	1.762	14	6.66%
7	Banc of America	1.588	12	6.17%	2	3.884	32	14.68%
8	Goldman Sachs	1.492	8	5.80%	5	2.287	14	8.64%
9	UBS	1.487	8	5.78%	13	0.548	6	2.07%
10	Morgan Stanley	1.235	7	4.80%	9	1.308	9	4.95%
	Total	25.729	73	26.458	95
	Average size:	0.352	0.270
Q3, U.S. market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	3.479	15	14.94%	3	3.104	23	13.90%
2	JPMorgan	3.032	19	13.02%	2	3.597	27	16.10%
3	Deutsche Bank	2.380	16	10.22%	7	1.722	15	7.71%
4	Merrill Lynch	1.632	9	7.01%	5	1.763	11	7.89%
5	Lehman	1.588	15	6.82%	6	1.762	14	7.89%
6	Banc of America	1.588	12	6.82%	1	3.884	32	17.39%
7	Credit Suisse	1.541	13	6.62%	8	1.280	12	5.73%
8	Goldman Sachs	1.492	8	6.41%	4	2.287	14	10.24%
9	UBS	1.487	8	6.38%	12	0.298	5	1.34%
10	Morgan Stanley	1.035	6	4.45%	9	1.158	8	5.19%
	Total	23.285	63	22.339	82
	Average size:	0.370	0.272
Q3, global market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	4.548	26	16.45%	1	4.765	31	17.46%
2	Citigroup	4.142	21	14.98%	4	3.199	24	11.72%
3	Deutsche Bank	2.830	22	10.24%	3	3.223	20	11.81%
4	Credit Suisse	1.902	17	6.88%	7	1.951	15	7.15%
5	Lehman	1.689	17	6.11%	8	1.822	15	6.68%
6	Merrill Lynch	1.632	9	5.90%	6	2.073	12	7.60%
7	Banc of America	1.588	12	5.74%	2	3.884	32	14.24%
8	UBS	1.587	10	5.74%	13	0.298	5	1.09%
9	Goldman Sachs	1.564	9	5.66%	5	2.287	14	8.38%
10	Morgan Stanley	1.035	6	3.74%	9	1.158	8	4.25%
	Total	27.645	77	27.285	92
	Average size:	0.359	0.297
Q3, European currencies, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.515	7	35.37%	2	1.168	4	23.62%
2	Citigroup	0.663	6	15.48%	10	0.095	1	1.91%
3	Deutsche Bank	0.451	6	10.52%	1	1.501	5	30.36%
4	Credit Suisse	0.361	4	8.43%	3	0.672	3	13.58%
5	Calyon	0.229	1	5.34%
6	RBS	0.173	2	4.05%
7	Dresdner KW	0.168	2	3.93%	6	0.187	1	3.79%
8	Barclays	0.168	2	3.93%
9	Lehman	0.101	2	2.35%	11	0.060	1	1.21%
10	UBS	0.101	2	2.35%
	Total	4.284	14	4.946	10
	Average size:	0.306	0.495
September, U.S. market, all issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	2.122	13	21.60%	4	1.198	10	10.45%
2	Banc of America	1.171	8	11.92%	1	1.849	14	16.12%
3	Morgan Stanley	1.143	6	11.63%	11	0.362	4	3.15%
4	Goldman Sachs	1.031	5	10.50%	3	1.216	8	10.60%
5	Citigroup	0.979	7	9.97%	2	1.848	10	16.12%
6	Jefferies	0.750	1	7.64%	13	0.215	3	1.88%
7	Deutsche Bank	0.615	5	6.26%	8	0.646	5	5.63%
8	Credit Suisse	0.510	4	5.20%	7	0.698	5	6.08%
9	Merrill Lynch	0.481	4	4.90%	5	1.135	6	9.90%
10	Lehman	0.283	3	2.88%	6	0.868	9	7.57%
	Total	9.821	28	11.467	42
	Average size:	0.351	0.273
September, U.S. market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.949	12	23.40%	4	0.998	9	10.83%
2	Banc of America	1.171	8	14.06%	1	1.849	14	20.06%
3	Goldman Sachs	1.031	5	12.38%	3	1.216	8	13.19%
4	Morgan Stanley	0.943	5	11.32%	10	0.362	4	3.92%
5	Jefferies	0.750	1	9.01%	11	0.215	3	2.33%
6	Citigroup	0.743	5	8.92%	2	1.548	9	16.80%
7	Deutsche Bank	0.615	5	7.38%	8	0.446	4	4.84%
8	Merrill Lynch	0.481	4	5.78%	6	0.635	5	6.89%
9	Lehman	0.283	3	3.40%	5	0.868	9	9.41%
10	Credit Suisse	0.188	2	2.25%	7	0.449	4	4.87%
	Total	8.328	22	9.218	37
	Average size:	0.379	0.249
September, global market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	3.214	15	32.35%	2	1.770	11	15.22%
2	Banc of America	1.171	8	11.78%	1	1.849	14	15.90%
3	Goldman Sachs	1.031	5	10.38%	5	1.216	8	10.45%
4	Morgan Stanley	0.943	5	9.49%	10	0.362	4	3.11%
5	Deutsche Bank	0.786	6	7.91%	4	1.218	6	10.47%
6	Jefferies	0.750	1	7.55%	11	0.215	3	1.85%
7	Citigroup	0.743	5	7.48%	3	1.548	9	13.31%
8	Merrill Lynch	0.481	4	4.84%	7	0.635	5	5.46%
9	Credit Suisse	0.359	3	3.61%	8	0.509	5	4.37%
10	Lehman	0.283	3	2.85%	6	0.928	10	7.98%
	Total	9.936	25	11.630	41
	Average size:	0.397	0.284
September, European currencies, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.265	3	78.70%	2	0.772	2	31.99%
2	Deutsche Bank	0.171	1	10.65%	1	0.772	2	31.99%
3	Credit Suisse	0.171	1	10.65%	7	0.060	1	2.49%
	Total	1.608	3	2.413	4
	Average size:	0.536	0.603
Prospect News High-Yield Underwriter Rankings

Criteria

• U.S. tables include all underwritten dollar-denominated offerings sold in the United States as public or Rule 144A deals reported to Prospect News.

• European tables cover deals denominated in currency of a European industrialized country

• Global tables cover deals denominated in currency of an industrialized country

• Amounts converted to dollars (if necessary) at rate shown in Federal Reserve's H.10 release on day of pricing

• Issues maturing in 397 days or less are excluded.

• Convertibles, trust preferreds, capital securities and preferred stock are excluded.

• Fixed-rate medium-term notes with a face value more than $100 million are included. All other MTNs are excluded.

• Deals rated investment grade by either Standard & Poor's or Moody's Investors Service are excluded, but deals not rated by both are included.

• Offerings are included in the time period in which they price.

• Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the bookrunner. For multiple leads, the total value is divided equally among joint bookrunners.

• Units made up of a bond and a warrant are included; other units are excluded.

• Sovereign issues are excluded.

• Each tranche is counted as a separate deal.

• Passthroughs, collateral trust and equipment trust certificates are included.

• Best efforts and non-underwritten deals are excluded as are remarketings.

• The headquarters location of the parent company is used for the country criteria (i.e. registrations in tax havens and offshore finance subsidiaries are ignored)

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